US major Chevron is further increasing its focus on US shale with the 22 May $7.6bn agreed takeover of PDC Energy.

PDC’s key production base is Colorado’s DJ Basin where it produced 216,000 boe/d (60% liquids) for Q1. Chevron’s current DJ Basin output of 154,000 boe/d (61% liquids) comes from acreage largely adjacent to that of PDC which it acquired with the late-2020 purchase of Noble Energy, for which the DJ Basin was its key production base. (CONTINUED - 329 WORDS)